BCOUSD went to a low of 53.55 with a steady upward monemt now at 57.70, my fractal method shows a sharp movement north to 66.00 although a pull back at this point should be action to look for, I see a slower continuation north to around the 74.00 region
OIL/XTIUSD UPDATE for Weekly Forecast 20th-25th Jan 2020
- Oil done a nice move to my first sell zone at 59.3
- Starting to show bearish momentum towards Target 1 set at 56.75
- Expecting pullback and even potential retest of the sell zone 1 and if market stays bullish at this potential double bottom ill be scalping long till my second sell zone.
Target 1 300 pips
Target 2 700 pips
These are big targets but this is because this is a swing trade so will be held over days/ weeks even months sometimes, I prefer these types of trades as the rewards are bigger and you don't have to keep checking the trade every hour or every day and you can just get on with your everyday life.
Now the reason I think this is...
We are looking at price making a move into our resistance area ( green zone ) As you can see it has been used as strong resistance before and we have some high impact CAD and USD news due out this week which could push price into this zone sooner rather than later, because as you should know if you trade oil that oil has a negative correlation with USD CAD so When...
I think OIL will drop from here we see a double top pattern form and on a daily chart a double tweezer pattern. It has also respected the down trend line and as we have confirmation due to price action i think this has the potential to drop 400-500 pips.
Let me know your thoughts!
Using the Bill Williams system on this one, we still haven't got a signal so we are neutral here.
As you can see there is a highlighted area. This is the Support and resistance from the daily time frame.
It looks like we got a false breakout. of course price cam back into the neutral area.
What are we wait for?
Awesome Oscillator is near zero ( At the...